Also sells its stake in the plant’s operator
ACF Renewable Energy Limited, a subsidiary of ACWA Power has today completed a sale of its 100% stake in ACWA Power Karad, owner of the 60.4 MWp Karadzhalovo photovoltaic (PV) power plant in Bulgaria to Enery Development, an Austrian investor and project developer in the renewable energy sector for an undisclosed consideration, the company revealed in a press release.
Furthermore, ACWA Power’s subsidiary NOMAC Limited, has also completed the sale of its 100% stake in NOMAC Bulgaria, a company providing Operations & Maintenance (O&M) services to the ACWA Power Karad plant, to Enery Development GmbH for an undisclosed consideration.
Both transactions follow the signing of a binding agreement back in December 2019 and constitute the largest brownfield PV deal in Bulgaria to date.
The Karadzhalovo power plant, which is the largest single-site PV plant in Bulgaria, generated 85.56 GWh of carbon-neutral energy in 2019.
“ACWA Power Karad was one of our first solar PV project investments and served as a stepping-stone to our future investments in the renewable Solar PV market in the Middle East, Africa and rest of the world,” said Paddy Padmanathan, President & CEO, ACWA Power.
